The United States and the European Union fear the Chinese electric vehicle competition, the founder and CEO of China’s EV manufacturing giant BYD said on Friday. “There are many examples of politicians in other countries who are worried about EVs in China,” BYD founder, CEO, and chairman Wang Chuanfu said at an industry event in China, as carried by Bloomberg. The Chinese billionaire said that the idea to slap tariffs on Chinese EVs shows that China’s electric vehicle industry is strong.
The findings of the investigation will establish whether it is in the EU's interest to impose anti-subsidy duties on EV imports from China, the European Commission said at the time. The EU probe into the Chinese subsidies is set to conclude by November, but the bloc could impose tariffs as early as July. Rumors are circulating that the EU could impose a 20% tariff. China, for its part, has threatened a 25% car tariff on EU and U.S.